Stock market breaking news March 3 2020
“Fed cuts rates by 50 basis points amid coronavirus concerns.
The Fed said the “fundamentals of the U.S. economy remain strong” but that the coronavirus “poses evolving risks to economic activity.”
Fed Chairman Jerome Powell will be holding a press conference at 11 a.m.
The decision was unanimous among the Federal Open Market Committee members.
Earlier in the day, Fed Chairman Jerome Powell and Treasury Secretary Steven Mnuchin joined other G7 central bankers and finance ministers to discuss a coordinated response to the virus spreading”.
US stock market was declining earlier but after the Fed news about the interest rate cut is is moving up. At 10:11 AM,Tuesday, March 3, 2020,
Eastern Time (ET) this is the latest US stock market update:
S&P 500: 3,135.07,+44.84(+1.45%)
Dow 30: 27,000.00,+296.68(+1.11%)